1. Rice
Rice exports generated USD 4.78 billion for Vietnam in 2023. Graphics: Minh Tuan (based on data from the General Department of Customs)
According to many forecasts, the price of rice will continue to rise in 2024 due to tightened supply. The rice market is expected to remain tight in the early months of the year due to ongoing export restrictions by India. Meanwhile, demand is still increasing during holidays and Tet (Vietnamese New Year). These factors will drive the price of rice even higher. The start of El Nino and the potential impact of this weather phenomenon on major rice-growing areas have added to concerns about supply.
2. Durian
Durian exports generated approximately USD 2.2 billion for Vietnam in 2023. Graphics: Minh Tuan (based on data from the General Department of Customs)
Vietnamese durian is expected to continue its breakthrough in exports to this market in the near future. In January 2024, 708 durian cultivation areas and 168 packaging facilities in Vietnam were granted permission to export to China. The high demand for imported durian in China has also pushed up domestic purchase prices.
According to the Ministry of Industry and Trade, the rapid growth in fruit and vegetable exports to the Chinese market is due to several memoranda of understanding signed with China in 2022, particularly the memorandum on durian exports.
3. Coffee
Vietnam’s total coffee exports amounted to USD 4.24 billion in 2023. Graphics: Minh Tuan (based on data from the General Department of Customs)
Vietnamese coffee is currently present in over 70 countries and territories. Vietnam is the world’s second largest coffee exporter. The price of coffee is expected to continue to remain high in the first half of 2024, serving as a relatively good foundation for achieving the goal of exceeding USD 4 billion in coffee export value for the third consecutive year. It is forecasted that Vietnam’s coffee export revenue in 2024 could reach a milestone of USD 4.6 – 5 billion.
4. Shrimp
The target export revenue for shrimp in Vietnam in 2024 is USD 4 billion. Graphics: Minh Tuan (based on data from the General Department of Customs, VASEP)
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood exports from Vietnam are expected to gradually recover in 2024, with the entire industry’s revenue possibly reaching USD 9.5 – 10 billion. Specifically, Vietnam’s shrimp industry aims to achieve USD 4 billion in export revenue.
VASEP predicts that Vietnam’s shrimp exports will recover and grow by 10-15% in 2024. The demand for shrimp is expected to bounce back in the latter half of the year as inflation pressure and inventory levels among importers decrease. This also presents an opportunity for shrimp prices to rise.
5. Wood and wood products
Vietnam’s total wood and wood product exports amounted to USD 13.5 billion in 2023. Graphics: Minh Tuan (based on data from the General Department of Customs)
Mr. Trieu Van Luc – Deputy Director of the Forestry Department: The targets for 2024 include wood and timber product exports reaching USD 17.5 billion… It is forecasted that if the export revenue reaches USD 17.5 billion, the timber product export revenue will exceed 21% compared to 2023.
According to the Vietnam Timber and Forest Product Association (VIFOREST), the target for 2025 is for Vietnam’s timber and forest product exports to reach USD 20 billion, with wood and wood product exports exceeding USD 18.5 billion. By 2030, the export value of this commodity is expected to reach USD 25 billion, with wood and wood product exports reaching USD 20.4 billion.
